Thoughts about technology, start-ups, business, and sales from the CEO of TWiT and Artisanal Agency

Sunday, June 24, 2018

Top 3 Tips for Monitoring Your Competition and Improving Your Business

There are many factors that influence the ability of your company to make money. One of those factors is actually your competition. Gaining a leg up on the competition is a must; we all know that. But, it’s a little more difficult to precisely know how to do just that. It’s easier said than done, of course, but one of the quickest and most effective ways you can keep an eye on your competition is by utilizing the internet. It offers many tools for you to use to stay in the loop, giving you the information you need to adjust your business tactics accordingly. We’ve compiled the top three online tools for you to consider using to do just that!

Google Alerts

If you want to keep it simple and effective, start using Google Alerts! Here’s how it works:

Sign into your Google account

Enter the names of your competition

Check your emails for notifications

You will get an email every time a competitor is mentioned online. You can also add keyword and links to the alert list. It’s free, easy to use, and gives you access to information that can be of huge benefit to your company. You can use Google Alerts to track your competition’s news articles and new marketing campaigns.

Social Mention

Did you know that 71% of small businesses use social media for better customer engagement? Social Mention is an online tool that allows you to search keywords, terms, and brand names. Once you enter your term into the search bar, it will show you what people are talking about on blogs and other social media outlets. It will also tell you how often the term is being used.

If your competition is receiving mostly positive feedback, take notes and apply what you think may help create more success for your business. If there is a lot of negative feedback, still take notes and learn from their mistakes so you can avoid making them yourself!

Instapaper

You aren’t going to want to spend too much of your time scoping out the competition — you do have a business to run yourself after all. However, if you end up finding some content written on or by your competition that you want to save for later reading, Instapaper is an online tool that will allow you to collect and organize it, so you don’t lose it.

Monitoring your competition is a smart business tactic. Start using some of these tools and see what you can learn from them (good or bad) to improve your business!